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3/15/22
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The Gershwin Lofts Retail @ Hollywood, a 42.9k sf, urban retail center in Los Angeles, was acquired by Hollywood Holdings, an LA-based private family investment entity, for $30.4 mil ($709/sf).
Located at 5501-5521 Hollywood Blvd and 1719-1723 N Western Ave, the two-building property sits in L.A.’s East Hollywood submarket of Los Angeles. Gershwin Lofts Apartments is adjacent to the Hollywood/ Western Metro Station and minutes from the 101 Fwy.
One building was completely remodeled in 2015, and the other one was built that year. The property is fully occupied by Marshalls, Petco, and Farmer Boys.
CBRE’s Patrick Wade and Alex Kozakov represented the seller in the transaction. According to Kozakov, the listing generated more than a dozen qualified offers.
“Retail properties that are located within growing residential and mixed-use neighborhoods, such as this one, continue to be very sought after by many different investors, including developers, private family offices, and 1031-exchage buyers,” noted Kozakov.
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